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Here is an estimation on how your credit report and score is affected: Every time you miss a payment or are late you credit score decreases anywhere from 10 up to 20 points for each debt (every month). Then once this account is sold to a collection agency, or transfered to the creditors collection department you are now in a "default" status; which decreases your score even more. Your best bet is to save at least 30% of the balance owed (after the vehicle has been sold), and settle on this debt for that amount. This will help you in the long run... Good Luck!
What else can I help you with?
Can you remove a repossession off your credit report if your cosigner has a judgment on the repossession?
No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.
What will a repossession do to your credit report?
A repossession is a serious negative and will drop your scores.
How can a repossession with a zero balance affect a credit score and can it be removed?
A repossession will significantly lower your credit score, regardless of the balance. It will take around 7 years before the repossession is removed from the credit report.
How do you remove a repossession on your credit report after bankruptcy is discharged?
You present proof that the repossession never occured. You can dispute it with the credit reporting agency.
Will a voluntary repossession from your spouse affect your credit?
Yes, but perhaps not as adversely as an involuntary repossession.
Is a joint applicant's credit affected by a car repossession?
If this relates to a joint account holder or cosigner, then yes the person's credit rating will be affected by a repossession. Yes, whoever's name the car is in will be affected by the car's repossession. Only if the car is somehow tied to the account. Only a bad payment history on that joint account can affect your credit.
Will the surviving spouse's credit rating be affected by the repossession of the deceased spouse's car?
AnswerIf the surviving spouse was not a joint borrower on the vehicle loan the repossession affect/appear on their credit report.
Can you remove a repossession off your credit report if your cosigner has a judgment on the repossession?
No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.
Does a voluntary repossession affect credit the same way as a reposession?
Yes, there is no difference. A repossession is a repossession.
What will a repossession do to your credit report?
A repossession is a serious negative and will drop your scores.
How can a repossession with a zero balance affect a credit score and can it be removed?
A repossession will significantly lower your credit score, regardless of the balance. It will take around 7 years before the repossession is removed from the credit report.
If you do a voluntary repossession on your truck will your dad's credit be affected as the co-signer?
VERY MUCH affected. You AND Pop will be expected to pay the balance due after the lender sells the truck. Try to sell it yourself.
How does a co-signers credit for get affected if the car he signed for is reposessed?
The co-signer will also have a repossession showing on their credit as well. The co-signer is just as legally responsible for the car as the person they signed for.
Can a car repo prevent from buying a house?
Any repossession negatively affects your credit rating. Negatively affected credit ratings will affect your ability to obtain loans, typically in a negative way.
Is a voluntary repossession better than a repossession?
neither looks good on your credit.
How do you remove a repossession on your credit report after bankruptcy is discharged?
You present proof that the repossession never occured. You can dispute it with the credit reporting agency.
How will a voluntary repossession affect your purchasing a car within a year from the voluntary repossession?
A repossession is a repossession, no matter if it is voluntary or not. Your credit will be ruined for 7 years.
